Numbers up at five-star Conrad hotel
Pre-tax profits at the firm that owns the exclusive five-star Conrad hotel in Dublin last year increased by 11pc to €1.025m.
According to accounts just filed for the 191-bed hotel, the business enjoyed the rise in pre-tax profits after revenues increased by 7pc to €12.95m.
The filings by Earlsfort Centre Hotel Proprietors Ltd show that the hotel was revalued and has a book value of €20.7m resulting in a surplus on revaluation of €4.85m.
The filings also reveal that during the year, bank loans with Nama were refinanced with AIB and all charges held by Nama were satisfied.
Builder, Bernard McNamara purchased a 45pc share in the business in 2007 and filings show that Mr McNamara resigned as a director from the firm in February 2012.
The hotel recorded an operating profit of €1.38m in 2014 that followed an operating profit of €1.2m in 2013.
However, last year interest payments totalling €362,984 reduced the firm's profits to €1.025m.
The profit last year takes account of non-cash depreciation costs of €831,285. The firm also incurred a loss of €718,174 on the sale of a fixed asset.
Numbers employed increased to 161 with staff costs increasing to €4.79m.
The firm has a management agreement with shareholder, Conrad International and last year incurred €747,871 in management charges and fees.